ECB Launching 3-Day Refinancing Tender to Provide

The European Central Bank said it will launch a three-day quick tender today to add liquidity after concerns over U.S. subprime mortgage losses continued to roil credit markets and drove overnight interest rates higher.

``This liquidity-providing fine-tuning operation follows up on the operation conducted yesterday and aims to assure orderly conditions in the euro money market,'' the Frankfurt-based ECB said in a statement. The minimum bid rate for the tender will be 4 percent, the ECB added. Time for the submission of bids for the liquidity providing operation is 10:50 a.m. Frankfurt time.